US oil output set to bottom out in June, will not recover to pre-Covid-19 levels in 2021
US oil output set to bottom out in June, will not recover to pre-Covid-19 levels in 2021
US oil production, which has steeply declined as low prices forced shut-ins, will reach a bottom of around 10.7 million barrels per day (bpd) in June, a two-year low, Rystad Energy estimates, before it starts to slowly recover. Still, US monthly output is not likely to exceed 11.7 million bpd before 2022, a staggering difference from the nearly 12.9 million bpd achieved in March 2020.
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